CEO Of Gupta-Owned Oakbay Resources Company Resigns


Oakbay Resources and Energy Chief Executive Officer (CEO) Jacques Roux has resigned.

Oakbay Resources and Energy, which is controlled by the Gupta family, announced on Wednesday that Roux had resigned as CEO of the company with effect from March 31.

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The company also disclosed that a former CEO of the company, George van der Merwe, has been appointed as acting CEO with effect from April.

No reason or explanation was given for Roux’s resignation.

The new CEO, van der Merwe, as gathered, had previously served as the company’s CEO until August 2015.

Speaking in a statement, the company added: “Mr. Van der Merwe brings a wealth of experience to the company and the board looks forward to his valuable contribution.

In line with the company’s succession plan for the CEO, both Mr. Roux and Mr. Van der Merwe shall utilize the March notice period to ensure a seamless transition and handover of responsibilities.”

The company also made another appointment. It appointed Melanie Chong, who is Oakbay’s interim financial director to the position in a permanent capacity.

Roux’s resignation is coming exactly six months after its former CEO Nazeem Howa resigned due to health issues.

The company at the time announced that Howa stepped down after a period of illness and medical advice. He joined the company since 2010.

The controversial family has not been having all rosy since last year when it emerged that they influenced most ministerial and other government appointments.

The pressure on the family, however, mounted after Deputy Finance Minister Mcebisi Jonas said they had offered him former finance minister Nhlanhla Nene’s job ahead of his removal in 2015.

Earlier this month, the Bank of Baroda branch in South Africa toed the line of three other South African banks by shutting down accounts owned by companies belonging to the family.

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Between February and September 2016, First National Bank, Absa, Standard Bank and Nedbank closed the bank accounts of the Gupta family and their companies. The Bank of China followed suit.

The companies linked to the family include Oakbay Investments, Oakbay Resources and Energy, Tegeta, JIC Mining Services, TNA Media, the African News Network, VR Laser and Sahara Computers.